In the current economic environment and with 16 federally insured credit unions having failed since the beginning of 2009 (and with others being merged away more quietly), many credit unions have questions about purchase and assumption agreements, or P&As. Read more about this often-misunderstood way of controlling risk in a two-part series, below.
Also read Credit Union Management's online-only columns "Loan Zone" and "On Compliance," all in this issue of CUES FYI.
Loan Zone: Helping the Hardest Hit
The Home Affordable Modification Program provides clear guidelines for reducing mortgage payments
On Compliance: Social Media Savvy
Does your credit union follow all the 'rules' that apply if it's on Facebook or Twitter, or hosts a blog?
Purchase & Assumption Agreements Part I
These merger alternatives can help CUs limit risk when acquiring a troubled CU
Purchase & Assumption Agreements Part II
Make your bid as attractive as you can—within your risk tolerance
Do You Know an Outstanding Leader?
Achievement, motivation and dedication are all attributes of an outstanding leader. Do you know a credit union CEO who fits the bill? Nominate him or her for the CUES Outstanding Executive award. Judges consider a nominee's achievements within their credit union as well as their contributions to CUES and its councils. Take a look at the Call for Entry form, then nominate yourself or a colleague today!
Have a leader in mind who is not yet a CEO? Nominate him or her for CUES Future Leader.
Member Benefit Section
Charting Your Credit Union Career: Where do you envision your career in one year? Five years? Ten years? If you aspire to a future as a credit union executive, check out CareerQuest: Mapping Your Professional Success, free to CUES members. It presents inspiring case studies, encouraging advice and career advancement exercises to help you develop a checklist of the skills and competencies you need to reach the executive-level position you're striving toward. Download the manual, here.
Tell Your Story: In 2010, CUES is focusing on the professional journeys of its members. Read the inspiring tales of success and tell your own on the "I am CUES" site.
Review all your member benefits here.
Blog: One More Reason for Pretty Plastic: In this CUES Nexus Connection blog post, CUES Editor Lisa Hochgraf discusses why giving members options for credit card images is a good thing: too much blue. When all the cards in your wallet look the same, it can be very easy to grab the wrong one by mistake. I witnessed this first hand at a recent yarn festival. A girl handed over her credit card to buy some pretty homespun yarn and then realized (just in time before the transaction went through) that she had picked out her business card by mistake. Imagine trying to explain that charge to her boss? Read the post, here.
Save Money on Your Next Board Election!
Board elections are an essential part of successful credit union operations, yet conducting them can be a strain on your board's resources. Save money and valuable staff time—turn to CUES eVote™ to flawlessly execute your next election. Learn more today!
Cool Web Site: With PBWorks.com you can create documents, manage projects, and share files as a seamless team. Your files, tasks, and institutional knowledge are accessible anywhere in an easy-to-use online platform.
Member News:
Obituary: Michele Myrick, CCE, executive vice president of $238 million, 32,000-member E&A Credit Union, Port Huron, Mich., died March 17 at the age of 40. She was the daughter of Roger Quitter, recently retired CEO of $234 million/35,000-member Christian Financial Credit Union. Myrick joined the staff E&A CU in 1999 as VP/finance and became executive vice president in January 2005.
Recognition: $1.2 billion/145,000-member UW Credit Union, Madison, Wis., has been named one of Madison Magazine's Best Places to Work in 2010.
Community Involvement: The WEOKIE Credit Union Foundation recently awarded $1,500 scholarships to 25 high school seniors in the Oklahoma City Metro area for a total of $38,500. To enter, 2010 graduating high school seniors wrote an essay describing how higher education would add value to their life and community. A total of 400 essays were received by the foundation.
For the eighth consecutive year, $1 billion/64,000-member Pacific Service Credit Union, Contra Costa, Calif., has donated $5,000 to Elder Financial Protection Network. The San Francisco-based EFPN works to prevent financial abuse of elders and dependent adults through partnerships that build public awareness, drive community outreach and provide professional training.
$2.7 billion/320,000-member Redstone Federal Credit Union, Huntsville, Ala., presented a $5,258.71 check to the American Red Cross for the organization's Haiti Earthquake Relief Fund, representing money donated by Redstone FCU members, volunteers, the community and credit union employees.
CUES Supplier Member News:
FSCC, Ontario, Calif., launches a free credit union shared branching locator app on iTunes. Members may download over 6,400 locations to perform shared branching transactions.
Read all the CUES member news here.
CUES Calendar
CEO Institute I
Strategic Planning
April 11-16
University of Pennsylvania
The Wharton School
CUES International Leadership Academy
April 12-15
Graduate School of Business
Florida International University
Miami
CEO Institute II
Organizational Effectiveness
April 25-30
Cornell University
Johnson Graduate School of Management
Webinar: Why Hispanic Members Are Important to Your Strategic Future
April 29
10-11 a.m. Central
CEO Institute III
Strategic Leadership Development
May 2-7
University of VirginiaDarden GraduateSchool of Business Administration
CUES School of Business Lending School I: Business Lending Fundamentals
May 17-21
Hyatt Regency Cambridge
Boston
School of Risk Management
May 17-18
Hyatt Regency Cambridge, Overlooking Boston
Boston
CUES School of Hot Topics: Addressing the Challenges of Reg E
May 19-20
Hyatt Regency Cambridge
Boston
Check out all the upcoming CUES events.
Join the CUES Community!
Connect with CUES and other CUES members. Join us on LinkedIn and follow us on Facebook or Twitter @TheRealCUES for the latest conference updates and executive education highlights!
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Please do not reply to this newsletter. If you have questions, e-mail theresa@cues.org.
Theresa Witham
Editor
Credit Union Executives Society (CUES)
Direct: 410.585.1656
Main office: 800.252.2664 or 608.271.2664, ext. 5307
theresa@cues.org ; www.cues.org ; www.cumanagement.org
P.O. Box 14167
Madison, WI 53708-0167
CUES introduces its Webinar mini-series with four marketing focused sessions. Each lasts 30 minutes, costs just $30 and is packed full of great tips you can implement immediately. Learn more now!
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